Green Automotive Company in Hot Pursuit of Tesla Motors after Their New IPO

Tesla Motors, a manufacturer of highway-capable fully electric vehicles and electric vehicle powertrain components, recently announced its initial public offering of 13,300,000 shares of its common stock at a price to the public of $17.00 per share. After this record breaking new IPO Green Automotive Company, an import/distributor of Electric Cars/SUV's to North America, has claimed that they are in hot pursuit of Tesla.

Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank Securities are acting as the joint book-running managers for the Tesla offering.

Tesla plans to use the IPO and federal loan to develop the lithium-ion battery-powered Model S, a $57,400 electric sedan intended to travel 160 miles (257 kilometers) per charge, by 2012. The company hopes that this sleek mass-market electric vehicle prototype can be manufactured affordably so that the sedan can be priced at $49,900, enabling the company to move 20,000 units a year by mid-2012, a year after its debut and also to introduce additional models such as the crossover utility vehicle and convertible. 

Tesla's Model S promises a 300-mile range, 45-minute fast-charge capability, a 0 to 60 time of 5.5 seconds, and room for seven passengers. The car will also feature a removable battery pack as well as two LCD touch screens - one displaying the gauges and one mounted centrally in the dashboard. 

Green Auto has offered the consumers 'Build Your SUV' Program through its website, which provides the customers an opportunity to build their own SUV. The features in "Build Your SUV" allow the customers to select their favorite preferences like theme wraps, interior combinations, electronics and custom paint. Customers have to just pay $995.00 to start the process and once the designing is finished, the new custom designed SUV will be delivered to the customer within 120 days.